Anson Resources Limited is planning to commence exploration on its uranium and vanadium lodes claims at its Yellow Cat Project in Utah, USA.
The 85 Lode claims, which were pegged by the company in 2019, form a prospective exploration land package for both uranium and vanadium rich mineralisation which covers an area of 708 hectares.
Anson advised that a recent review of historical drilling programs at Yellow Cat identified high-grade uranium and vanadium mineralisation results.
They noted that the 38 per cent increase in uranium spot price recorded over the past three months, together with high-grade historical results and recent positive changes in USA government domestic uranium development policy is a catalyst for the company to move forward with its Yellow Cat exploration program.
Exploration activity is scheduled to commence at Yellow Cat over the coming weeks starting with further data compilation and geochemical sampling ahead of a proposed shallow drilling program.
Anson’s Executive Chairman and CEO, Bruce Richardson, said: “Since we’ve secured the ground in 2019, we have held the view that Yellow Cat would add considerable value and optionality to Anson’s portfolio when uranium markets began to recover.”
“Rising uranium prices, supported by strengthened US Government policy to shore up domestic production to create a strategic uranium reserve of 17-19 million pounds over the next 10 years at an estimate cost of US$1.5 billion, indicates that the timing is now right to start our exploration work and bring this project back into focus.”
“This policy change represents a paradigm shift in the uranium market and provides an exceptional opportunity for which Anson is well placed,” he said.
Mr Richardson noted that, importantly, Yellow Cat is only 40km from Anson’s flagship Paradox Brine Project – providing the company opportunity to leverage existing infrastructure and workforce in the area to quickly commence fieldwork.
“I look forward to providing further updates from both Yellow Cat and Paradox as our work programs progress simultaneously.”